When the Department of Housing and Urban Development announced late Wednesday that Michael Bright would be stepping down as interim head of Ginnie Mae, the agency said that Bright was leaving for an unnamed "opportunity in the private sector." Now, less than 24 hours later, we now know exactly where Bright is going.
The Structured Finance Industry Group, a trade advocacy group for the securities markets, announced Thursday that Bright will be serving as its new president and CEO.
In his new role, Bright will lead the group’s education, policy and advocacy initiatives, SFIG said, assisting in its effort to achieve the “broadest possible consensus” among industry players.
Bright spent nearly 18 months at Ginnie Mae as executive vice president and chief operating officer, leading the agency on an interim basis after Ted Tozer stepped down until a new president was officially named.
In May, the Trump Administration named Bright as its official nominee for Ginnie Mae president, but the nomination was withdrawn upon Bright’s request when he announced his departure. Now Maren Kasper, Ginnie Mae's executive vice president, will serve as acting president, HUD said.
Bright has a lengthy history in housing and finance. Prior to joining Ginnie Mae, he led the housing program at the Milken Institute’s Center for Financial Markets. Before that, he was a top aide to Sen. Bob Corker, R-Tenn., and held roles at BlackRock and PennyMac.
Now, he’ll refocus on the securities markets from a private-sector lens.
“The securitization industry plays a fundamental role in our economy and it is vital that policymakers and the industry work constructively together as the market continues to evolve,” Bright said. “I look forward to working with all of our members to represent the diverse views of this critical field and continuing to provide meaningful education, advocacy and connection for our members across all aspects of securitization.”
SFIG Chair of the Board Howard Kaplan said the group is "pleased" that Bright is joining SFIG.
“His hands-on leadership experience in the financial markets and expertise with legislative and policy initiatives will be a significant asset for our members,” Kaplan said. “SFIG has established itself as an important industry voice thanks to the hard work, commitment and dedication of our member organizations, Operating Committee and staff, and Michael’s proven ability to deliver results both in the public and private sectors make him a natural fit to lead SFIG in continuing that momentum.”